Xiamen Tungsten invests RMB6 billion into constructing two new projects in Haicang district
2018-04-24 17:58:50 [Print]
On April 19, Haicang district government of Xiamen city signed a cooperation agreement with the globally leading tungsten company Xiamen Tungsten Co., Ltd. (XTC) and its two subsidiaries XTC New Energy Material Xiamen LTD. (XTC New Energy) and Xiamen Golden Egret Special Alloy Co., Ltd. (GESAC). According to the agreement, XTC will invest nearly RMB6 billion (USD951 million) into building a new material industrial park and a cemented carbide industrial park in Haicang district.
According to the agreement, XTC New Energy will invest around RMB2.06 billion (USD327 million) into constructing the new material industrial park to harbor a 40,000tpy auto-purpose power Li-battery cathode material industrialization project. The park will occupy around 20.2 hectares of land, and is expected to go into operation within two years after land certificate is granted and construction completed, and to achieve full-capacity operation within five years after construction is completed. The project will have an estimated production value of over RMB10 billion (USD1.59 billion).
GESAC will invest RMB3.73 billion (USD591 million) into building the around-400,000m2 cemented alloy industrial park, the largest tungsten material production/processing base in China. Project construction is expected to last around 2.5 years and project infrastructure will be built once and for ever. GESAC will set up a new fully-owned subsidiary company to take charge of the whole process. By moving production lines from GESAC's current plants into the new park and enhancing their production capacities, the new park will have a production capacity of 15,000t of tungsten powder and tungsten carbide powder, 13,000t of RTP mixed material, and 10,000tpy of cemented carbide. The park is expected to realize a production value of RMB5 billion (USD792 million) and pay a tax of RMB200 million (USD31.69 million) three years after going into operation, and a production value of RMB10 billion (USD1.59 billion) and a tax of RMB450 million (USD71.31 million) five years after going into operation.
According to the agreement, XTC New Energy will invest around RMB2.06 billion (USD327 million) into constructing the new material industrial park to harbor a 40,000tpy auto-purpose power Li-battery cathode material industrialization project. The park will occupy around 20.2 hectares of land, and is expected to go into operation within two years after land certificate is granted and construction completed, and to achieve full-capacity operation within five years after construction is completed. The project will have an estimated production value of over RMB10 billion (USD1.59 billion).
GESAC will invest RMB3.73 billion (USD591 million) into building the around-400,000m2 cemented alloy industrial park, the largest tungsten material production/processing base in China. Project construction is expected to last around 2.5 years and project infrastructure will be built once and for ever. GESAC will set up a new fully-owned subsidiary company to take charge of the whole process. By moving production lines from GESAC's current plants into the new park and enhancing their production capacities, the new park will have a production capacity of 15,000t of tungsten powder and tungsten carbide powder, 13,000t of RTP mixed material, and 10,000tpy of cemented carbide. The park is expected to realize a production value of RMB5 billion (USD792 million) and pay a tax of RMB200 million (USD31.69 million) three years after going into operation, and a production value of RMB10 billion (USD1.59 billion) and a tax of RMB450 million (USD71.31 million) five years after going into operation.
Tungsten Carbide 99.8%min 2.5-7.0μm FOB China
Unit:USD/kg
China tungsten carbide producers' inventory to production ratio statistics by province by month
Unit: %
